CureVac NV Ordinary Shares

CVAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$4.43	Tnhnz	Frsbfrmj

CureVac Earnings: Cash Burn Continues as Early-Stage Pipeline Makes Progress

Rachel Elfman

May 1, 2023

CureVac is continuing to make progress across its early-stage mRNA pipeline candidates. The company reported total 2022 revenue of EUR 67.4 million, which was primarily attributed to milestone payments and revenue from its collaboration agreement with GSK. We maintain CureVac’s fair value estimate of $15.40 per share, no-moat rating, stable moat trend, and Extreme Uncertainty Rating. The stock is trading at an attractive discount to our fair value estimate for long-term investors.

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